Ministry of Finances provides Azerpoct with insurance license

According to information provided to ICTnews by Azerpoct LLL, the Ministry of Finances has provided  Azerpoct with a license for conducting insurance activities.   “Most countries of the world, especially developed countries, attach great attention to insurance of their citizens. For this reason peoples living in European countries don’t have any serious problems with insuring their health or properties.

According to the new Law on Compulsory Insurance of the Republic of Azerbaijan, the size of compensation paid to the citizen for the damage caused to his/her health as a result of car accident is estimated at AZN 50,000 and AZN 5,000, and the size of compensation paid to the citizen for the damage caused to his/her property for the reasons stipulated by this law is estimated at AZN 20,000.  Let’s note that no condition is stipulated in this law, under which insurance payment can be rejected to the citizen. Any person who has suffered as a result of the accident stipulated in the law will  receive compensation for the inflicted damage.

 Bu in some cases, - if the accident was caused by the driver, who was in a state of intoxication,  didn’t have right to operate the motor vehicle, left the place of the accident, or intentionally caused the accident, - the insurer, after paying the compensation to the sufferer, have the right to claim back this payment. Similarly, changes have been made to the accident insurance rules”, the information says.

Under the new law passengers without tickets will also receive insurance compensations. This means that all the passengers who were in the motor vehicle at the time of accident, and sustained damages to their health will be provided with compensation. The same rule applies to all types of transport (air, water and railway transport) rendering international and domestic services.

The minimal size of insurance payment for the damaged property has been also determined. Based on the new “Law” on compulsory insurance, the list of property risks has been extended to include insurance of flats and houses of physical  persons. Here the size of insurance compensation depends on location of property.

Thus, the size of compensation for the damage inflicted to property is estimated at AZN 25,000 for Baku city, AZN 20,000 for Ganja, Sumgait and Nakhichevan cities, and AZN 15,000 for other areas. Accordingly, the insurance fees constitute 50, 40 and 30 manats. The persons receiving targeted social assistance will be paid their insurance fees from the state budget.  No time limit was set for the compulsory insurance of flat and houses. Any citizen with a document confirming his/her right to use the flat can insure his/her house. The Law on Compulsory Insurance came into force on December 16, 2011. Let’s note that at the end of last year Azerpoct LLC,  Atashgah JSC and AtaSigorta JSC signed  a contract for the development of insurance activities.

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14 July 2024

13 07 2024